Artificial Intelligence-Enabled Innovative and Advanced Solutions for Banking and Finance Sector: Potential, Benefits, Opportunities, and Challenges

Abstract

AI-enabled solutions in the banking and finance sector represent a transformative wave used to revolutionize operations, customer experiences, and risk management. This abstract discusses the potential, benefits, opportunities, and challenges associated with these innovations. Artificial Intelligence (AI) technologies such as machine learning, natural language processing, and predictive analytics offer substantial potential for the banking and finance sector. These solutions can enhance decision-making processes, automate routine tasks, and personalize customer interactions at scale. Benefits include improved operational efficiency, cost savings, and the ability to deliver tailored financial products and services that meet individualized customer needs. Today several opportunities for AI are: to optimize fraud detection, credit scoring, and investment strategies, thereby mitigating risks and enhancing regulatory compliance.